INCOME TAX CATEGORY
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Do any clubbing provisions exist in case of transfer of income without transfer of asset in Income tax Law ? As per section 60 of income tax act, if a person transfers income from an asset owned by him without transferring the asset from which the income is generated, then the Housing income from such […]
What is the time limit for making the assessment under section 143(3)of income tax act i.e. scrutiny assessment? Section 143 (3) Assessment mean:- This is a detailed assessment and is referred to as scrutiny assessment. At this stage, a detailed scrutiny of the Income tax return of income will be carried out. The scrutiny is […]
Scope of assessment under section 143(1) Income Tax Assessment under section 143(1) of IT Act is like preliminary checking of the Income Tax Return. At this stage no detailed scrutiny of the Income tax return is carried out. At this stage, the total income (profit) or loss is computed after making the following adjustments (if […]
Presumptive Taxation Scheme of section 44AD Section 44AD:- Meaning of presumptive taxation scheme- As per sections 44AA of the Income tax Act, 1961, a person engaged in business or profession is required to maintain regular books of account under certain circumstances. To give relief to small taxpayers from this tedious work, the Income-tax Act has […]
Corporate tax rates slashed to 22% for domestic companies and 15% for new domestic manufacturing companies and other fiscal reliefs The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019. This was announced by the Union Minister for […]
Article on Tax audit Tax audit Meaning The dictionary meaning of the term “audit” is check, review, inspection, examination etc. There are various types of audits prescribed under different laws like company act requires a company audit, cost accounting law requires a cost audit, GST act required a GST audit etc. The Income tax law […]
INCOME FROM HOUSE PROPERTY Income From House Property:– Taxable Income under the head “house property” Rental income from a property being land or building appurtenant there to of which the person (taxpayer) is owner is charged to tax under the head “Income from house property”. Rental income from sub-letting Rental income in the hands of […]
Payment of advance tax on Senior Citizen Payment of advance tax–As per section 208 of Income Tax Act, every person whose estimated tax liability for the year is 10,000 Rupees. or more, shall pay his tax in advance, in the form of “advance tax“. However, section 207 of income tax act gives relief from payment of advance tax […]
CBDT Extends Due date to file income tax returns CBDT Extends Due date to file income tax returns for AY 2019-20 from 31st July 2019 to 31 August 2019. The government on Tuesday extended the due date for filing income tax returns by individuals and certain non-corporate assesses from income tax returns for AY 2019-20 […]
How Many Times Can I Revise the IT Return how many times revised return can be filed: If a person (Taxpayer) after furnishing the Income tax return finds any mistake, omission or any wrong statement (defective return), then return should be revised within prescribed time limit.A return can be revised before the end of the […]
